Griffin Asset Management Inc. Increases Stake in Dover Co. (NYSE:DOV)

Griffin Asset Management Inc. increased its position in Dover Co. (NYSE:DOV) by 8.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 53,275 shares of the industrial products company’s stock after acquiring an additional 4,070 shares during the quarter. Dover comprises 1.1% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 28th largest holding. Griffin Asset Management Inc.’s holdings in Dover were worth $9,359,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in Dover by 79.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 197 shares of the industrial products company’s stock valued at $37,000 after buying an additional 87 shares in the last quarter. Orion Capital Management LLC purchased a new position in Dover during the 4th quarter valued at about $43,000. Mainstream Capital Management LLC purchased a new position in Dover during the 4th quarter valued at about $61,000. Ameriflex Group Inc. purchased a new position in Dover during the 4th quarter valued at about $69,000. Finally, Catalyst Capital Advisors LLC purchased a new position in Dover during the 4th quarter valued at about $68,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DOV. Wall Street Zen lowered Dover from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. Morgan Stanley began coverage on Dover in a report on Monday, April 14th. They set an “equal weight” rating and a $185.00 target price for the company. Barclays lifted their target price on Dover from $180.00 to $185.00 and gave the company an “equal weight” rating in a report on Thursday, April 24th. JPMorgan Chase & Co. lifted their price target on Dover from $190.00 to $211.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Finally, Mizuho lifted their price target on Dover from $215.00 to $225.00 and gave the company an “outperform” rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $208.58.

Dover Stock Performance

NYSE:DOV opened at $176.27 on Friday. The business has a 50 day moving average of $173.47 and a 200 day moving average of $185.39. The company has a market capitalization of $24.17 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 2.06 and a beta of 1.27. Dover Co. has a 1-year low of $143.04 and a 1-year high of $222.31. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 1.52.

Dover (NYSE:DOV) last released its earnings results on Thursday, April 24th. The industrial products company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.06. The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.88 billion. Dover had a return on equity of 21.03% and a net margin of 32.95%. Dover’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.95 EPS. On average, sell-side analysts predict that Dover Co. will post 9.45 earnings per share for the current fiscal year.

Dover Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a $0.515 dividend. The ex-dividend date is Friday, May 30th. This represents a $2.06 dividend on an annualized basis and a yield of 1.17%. Dover’s payout ratio is 12.41%.

Dover Profile

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.